Tinkler's stud finds $270,000

Paddy Manning

COAL baron Nathan Tinkler's Patinack Farm thoroughbred stud has come up with $270,000 it was required to pay in unpaid wages and assured workers it hopes to save their jobs, settle all debts in full, and apply to terminate the liquidation begun last week.

Adelaide-based liquidator Anthony Matthews and Associates was appointed by the Federal Court last week to wind up Patinack Farm Administration after it failed to pay a $17,000 debt to South Australia's WorkCover agency.

At the time a spokesman for Mr Tinkler said the failure was due to an ''administrative error''. The company is one of at least a dozen private companies involved in Mr Tinkler's racing operation but was the main employer at Patinack and is believed to have total liabilities - outstanding super, wages, taxes and workers compensation premiums - of between $5 million and $6 million.

Liquidator Anthony Matthews on Thursday said the directors of Patinack Farm Administration, including Mr Tinkler, and right-hand man Troy Palmer, had confirmed they ''wish to preserve the employment of all staff and to provide funds to meet their ongoing wages and entitlements. I have been further advised by the directors that it is their intention to discharge all debts owed to creditors,'' he said.

It is understood Patinack Farm Administration has paid $270,000 in wages and other entitlements, plus about $50,000 in liquidators fees. Raymond Nolan from the liquidators office said: ''All the funds we've asked him to pay to date have been paid.''